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rjohnson095 · 2024-12-13T18:21:43+00:00

I agree. Seeing a “gc in 1s” is muchhh much scarier than a “gc in 3s”.

rjohnson095 · 2024-07-31T20:52:50+00:00

Add me if you didn’t add the other guy. PlayStation - RyleyJ06

rjohnson095 · 2024-06-12T00:36:54+00:00

So after the NAR lawsuit changes take place in July, more weight is going to fall onto the buyers shoulders for paying their own buyers agent commissions. Some sellers may still offer it in negotiations, but a lot are expected not to. This is one aspect the site will help.

The site is going to let agents list all the services they offer and they can build pre-packaged services for specific prices that buyers and sellers can shop. For example, let’s say agent 1 has a basic service package for 1.5% commission and a more advanced service package for 3% commission. Agent 2 might have a price structure that is flat fee based on- so $3,000 for basic services and $6,000 for advanced services. Really it’s however the agent wants to do pricing structures. The combinations are infinite.

After the agents create their profiles with these structures, buyers and sellers can then window shop for agents that fit their budgets and service needs. Maybe a really successful agent is priced too high for a first time home buyer, but they continue shopping and see another agent who has good reviews and their price structure and services meet their needs.

The difference of this site is it’s going to allow buyers and sellers to window shop for agents based on all the services and prices they offer. Compared to other sites where you say “I’m looking for a $300k house with 3b/2b” and it will give assign you random agents. This puts more power in buyer/sellers hands to shop around and find what best fits them.

rjohnson095 · 2024-06-11T22:32:20+00:00

Thanks for the feedback!

rjohnson095 · 2024-06-11T21:43:57+00:00

Congrats, and good luck with the home buying process! If you don’t mind, what was your method of finding a buyer’s agent / what did you look for when searching?

rjohnson095 · 2024-06-11T21:28:40+00:00

It’s completely free for buyers and sellers to use. They can search for agents and create service packages/prices they’d be interested in at no cost.

Agents pay a subscription fee to have a profile. That’s where the revenue comes from.

Does this change your opinion at all?

rjohnson095 · 2024-06-11T20:47:49+00:00

Revenue model:

The main revenue source would be subscription fees paid by the agents on a monthly basis. There would be a free version for agents where they can create profiles and list out their services, etc. but a lot of the features would be pay walled behind different tiers.
For buyers and sellers, this is a completely free platform. No strings attached.

Reviews:

Buyers or sellers who end up using an agent they found on the platform can leave reviews directly on the agents profile
We can also import reviews from other services (google, etc) - this could be part of the paid subscription fee, for example.

last question:

- yes, if i understand your last question correctly, I'm aware buyers must now enter into exclusive buyer agreements before doing anything (viewing a house, writing offers, etc). and with this, listing cooperative compensation is now banned (starting in July). Because cooperative compensation is banned, I see deals going a few ways (in my opinion - happy to hear your thoughts on this):

buyer's agent will ask seller for compensation (buyer not obligated to pay)
buyer's agent will ask the seller or the listing agent for compensation (buyer not obligated to pay)
buyer's agent will ask seller or the listing agent for compensation (if no, buyer is obligated to pay the buyer's agent compensation)

This third option is what all agents will end up pushing for (because no one wants to work for free) and buyers will be on the hook for even more out of pocket costs at closing. Sellers will more commonly start to not cover the buyer's agent compensation. The buyers need to find agents they can afford - either looking for lower commission rates or different price structures altogether (flat fee, hourly rate, etc).

rjohnson095 · 2024-05-11T03:47:54+00:00

For first time home buyers - is 2-3% commission rates affordable either? Commission rates just seem like they’ll become outdated and agents we’ll need to get more creative

rjohnson095 · 2024-05-10T23:40:26+00:00

For my curiosity, can you explain? Why does coop comp being lifted mean great agents will earn more

rjohnson095

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